Rosneft to provide loan to Venezuelan PDVSA for $23.4 mln - company

MOSCOW, November 3. /TASS/. Rosneft will give the Venezuelan state oil company PDVSA a loan for no more than $23.367 mln, the company said Tuesday. The beneficiary party under the transaction is a joint venture with PDVSA Petrovictoria. Rosneft also said that the company will allocate $15.6 mln to Petrovictoria capital. Rosneft owns 40% in the joint venture Petrovictoria, PDVSA through CVP - 60%. Currently, Rosneft and PDVSA are involved in five joint oil development projects in Venezuela. In particular, Rosneft has stakes in 3 new fields in the region of La Faja where Rosneft has a 16.7% stake, the joint venture Petrovictoria where Rosneft has 40% and PDVSA has 60%, and Junin-6 joint venture project of PetroMiranda, where the Russian company National Oil Consortium (of which Rosneft owns 80%) has 40% of shares and PDVSA owns the remaining 60%. Rosneft is also developing two mature oil fields in the Boqueron joint venture, of which PDVSA owns 60%, Rosneft owns 26.67% and OMV owns 13,33% , and one in Petroperiha, where PDVSA owns 60% and Rosneft owns 40%. According to Rosneft, the total geological oil reserves of these projects are estimated at more than 20.5 bln tonnes. The joint venture, in which Rosneft takes part in Venezuela, produces approximately 340,000 barrels of oil per day. Rosneft estimates the joint investment into current and future projects in Venezuela at $14 bln. Read more